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what are the correct account names Your answer is partially correct. Try again. On January 1, 2020, Grouper Corporation purchased 40% of the common shares

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Your answer is partially correct. Try again. On January 1, 2020, Grouper Corporation purchased 40% of the common shares of Monty Company for $204,000. During the year, Monty earned net income of $79,000 and paid dividends of $19,750 Prepare the entries for Grouper to record the purchase and any additional entries related to this investment in Monty Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Investment Income 204000 204000 Cash (To record purchase of stock.) Cash 7900 7900 Investment income (To record receipt of donds) Investment Income 31600 31600 Equity Investments (To record revenue) Click If you would like to show Work for this question: Open Show. Work Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Allowance to Reduce Inventory to Market Bad Debt Expense Bonds Payable Cash Call Option Common Stock Cost of Goods Sold Debt Investments Dividend Revenue Dividend Receivable Equity Investments Fair Value Adjustment Futures Contract Gain on Sale of Investments Gain on Settlement of Call Option Gain on Settlement of Put Option Interest Expense Interest Receivable Interest Revenue Inventory Investment Income Loss on Impairment Loss on Sale of Investments Loss on Settlement of Call Option Loss on Settlement of Put Option No Entry Notes Payable Paid-in Capital in Excess of Par - Common Stock Put Option Recovery of Loss from Impairment Retained Earnings Revenue from Investment Sales Revenue Swap Contract Unrealized Holding Gain or Loss - Equity Unrealized Holding Gain or Loss -Income

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